Rent To Own Is Helping Many!
More and more Canadian buyers are turning to alternative options like Rent To Own to acquire a home. We can certainly see this as our sign up has increased by just about 3 folds. And it is the same old story…The bank says no… If you are self-employed, the hoops the bank will make you jump through is beyond your wildest imagination. I know, I have been down this path. The worse part is that if you own your business and are hiring and have lets say 10 employees working for you, these employees will have no problem getting a mortgage (providing of course they can prove employment and so on).
Rent To Own, The Sad Truth
But you, as a business operator, even though you are paying your employees every month like clock work and for years perhaps, have to go through the mill. This is not a fun experience. Is it fair? Hardly; but it’s a fact. Your employees will get a mortgage, but you may not; it depends on a lot of criteria… Talk about rejection! And our government is the one that says that the small enterprise is the backbone of this country. Maybe, but the bottom line is “government and banks really don’t care” All involved wants to insure that at the end of the day, they get their pound of flesh and tax dollars. So, it is one of the reason why Rent To Own is so popular. This is one example. Our Rent To Own program is designed to help you the self-employed, just check it out. There are many reasons, and over the next few weeks, I will go over more example as of why people are turning to Rent To Own.
Rent To Own and Credit
Time and time I get that same old question; “So if I am going to do a Rent To Own, why in the world are you talking CREDIT all the time”. Well, it is very simple. At the end of the lease to own, buyers will be purchasing their home from the Investors. If you remember, since you cannot borrow money from the bank (for the time being), you are leasing the home with the option to buy it in a preset time limit. At the end of this time limit, you will need to arrange financing and you will need to qualify to get your mortgage approved. This is why you will need to have a good credit for the transaction to take place. You see that is the idea of Rent To Own. While you are leasing your home with the options to buy it, you can fix your credit. The lease terms is usually dictated by the length of time required to bring your credit score up to snuff. This is very important as you MUST be able to buy your home at the end of the lease. We have met many folks that want to Rent their home with an option to buy, but have no intention in finding out their credit or dealing with these issues. Unfortunately for them, there is actually nothing we can do to help. We spell this out very clearly. Even though you may not have good credit, we are willing to work with you. But, if we find out that you will not try to improve your credit, we will part company rapidly. This will save both our time and effort.
Hopefully you will understand the importance in improving your credit while you rent to own your home!
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